Utah Monetary Summit speaker Rich Danker in his Forbes column reviews gold-backed monetary legislation at the federal and state levels so far and sketches out the modern gold standard system it is laying the foundation for:
The Beginnings of a Modern Gold StandardRead more ...
While most of their colleagues in Congress have sat on their hands as Ben Bernanke’s Federal Reserve has brought out the worst in the paper dollar monetary system, three U.S. Senators recently began a legislative effort toward hard money. Republicans Jim DeMint, Mike Lee, and Rand Paul introduced the Sound Money Promotion Act, which removes taxes on gold and silver coins declared as legal tender by the federal government or states.
If that sounds like a narrow change, consider Sen. DeMint’s statement with its introduction: “Thanks to the government’s reckless over-spending, continued bailouts, and the Federal Reserve’s easy money policy, this year the purchasing power of the dollar hit an all-time low in the several decades since we went off the gold standard,” he said. “In order to rebuild strength and confidence in our economy, we need both the fiscal discipline to cut wasteful spending and the monetary discipline to restrain further destructive monetizing of our debt. This legislation would encourage wider adoption of sound money measures, and that’s a step in the right direction.”